The People’s Bank of China set the renminbi’s daily midpoint against the US dollar at 6.1257 Wednesday, 21 pips weaker than the 6.1236 fixing on Tuesday, according to the China Foreign Exchange Trade System. The renminbi is allowed to rise or fall one percent from the daily reference rate. Spot renminbi strengthened 0.05 percent to 6.1430 on Tuesday after trading between 6.1426 and 6.1595 in Shanghai. The redback’s daily midpoint against the US dollar has fallen 0.47 percent this year, central bank data shows.
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